[kictanet] Kenya IGF Online Discussions. Day 3. Developments in Fintech and E-commerce

[David Indeje]

Update:
Lawyers want Parliament to cap cost of mobile loans
https://www.businessdailyafrica.com/economy/Lawyers-want-Parliament-to-cap-cost-of-mobile-loans/3946234-4665308-dyewg7/index.html
via @BD_Africa

*Kind Regards,*

*David Indeje *

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On Sat, 14 Jul 2018 at 10:44, Admin CampusCiti via kictanet <
kictanet at lists.kictanet.or.ke> wrote:

> Great conversations.
>
> I particularly like the angle of sovereignty brought out by Rosemary.
> However as we navigate this space we need to be careful not to put
> ourselves in an island and ‘Balkanize ‘ the BlockChain.
>
> @John, the whole aspect of BlockChain is decentralized and the
> tokenization model is intrinsic to its value proposition. I’lol be keen to
> understand how that would work without tokenization. Happy to discuss this
> point.
>
> On innovation and funding of startups in Africa there’s been an alleged
> bias towards ‘foreigners’. My take on that is that those allegations are
> too simplistic. As a country and continent we MUST fund our own startups
> and not wait for ‘handouts’ from the West. Money is racist, tribal and
> parochial. It is what it is.
>
> Regards
>
> *Ali Hussein*
>
> +254 0713 601113
>
> Twitter: @AliHKassim
>
> Skype: abu-jomo
>
> LinkedIn: http://ke.linkedin.com/in/alihkassim
> <http://ke.linkedin.com/in/alihkassim>
>
> Blog: www.alyhussein.com
>
> "Discovery consists in seeing what everyone else has seen and thinking
> what no one else has thought".  ~ Albert Szent-Györgyi
>
> Sent from my iPad
>
> On 13 Jul 2018, at 8:17 PM, carolyne mimano via kictanet <
> kictanet at lists.kictanet.or.ke> wrote:
>
> Actually cryptocurrencies are enabled by blockchain technology.Blockchain
> being the underlying technology it can run independently of
> cryptocurrency.And a lot of blockchain technologies actually do not involve
> cryptocurrencies.
> Blockchain has also developed into other more recent technologies such as
> ethereum and has been successful.
> Just like the example of Safaricom which just recently relocated its data
> centre from Europe-Germany to Kenya a lot of our blockchain use will be
> internationally located until the technology and expertise is vast.
>
> Regards
> Carolyne
>
> On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, <
> kictanet at lists.kictanet.or.ke> wrote:
>
>> Rosemary, on Blockchain, you bring up very important points to consider;
>>
>> I am yet to see any successful and publicly verifiable use of
>> Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the
>> 2 go hand in hand.
>>
>> Since blockchains are global in nature, its not really a matter of
>> sovereignty in my opinion, but the presence of skilled expertise within
>> ones borders or organizations is key to maintain a competitive edge.
>>
>> Blockchain programmers are currently very expensive to train; which makes
>> Building and Deploying Blockchain Applications expensive and not easily in
>> our reach.
>>
>> Thus the Asians, Americans and Europeans are racing to scope up this
>> talent and own the space with their respective Blockchain implementations.
>>
>> We must do the same, as the future Internet will be tokenized;
>>
>> In my opinion some of this has to do with policy and rest is building
>> focused dev communities that tap into Blockchain for various use-cases(
>> Title Deed Verification etc).
>>
>> Thankfully Kenya already has a budding community; but it needs mentorship
>> and capital to thrive!!! Again progressive policies can help here....
>>
>> My 2 cryptos.
>>
>> John K.
>>
>>
>> On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet <
>> kictanet at lists.kictanet.or.ke> wrote:
>>
>>> Dear Listers,
>>>
>>> Allow me  to respond to questions 1 & 4.
>>>
>>> 1. We must not apologize for the speed with which we are moving.
>>> Innovation is our locally developed solution for our local challenges and
>>> we have been successful so far. That said, it is important for us to be
>>> introspective and to address the challenges, some of which have been
>>> covered in this thread so far. Light regulation will create the most
>>> conducive environment for innovation to thrive.
>>>
>>> 2. Blockchain has been quite the buzzword and most enthusiasts can
>>> recite potential use cases. The truth however that it is still a fairly
>>> nascent technology and we have just began to explore it's  possibilities.
>>> From a policy perspective, there will need to be a purposeful interrogation
>>> of the the interplay between the tokens/cryptos the blockchain platforms
>>> that come with it especially in public service use cases. Should we then
>>> develop our own blockchain platforms whose tokens and management including
>>> mining  will have an element of sovereignty?
>>>
>>> Kind regards,
>>>
>>> On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet <
>>> kictanet at lists.kictanet.or.ke> wrote:
>>>
>>>> Good people
>>>>
>>>> Good conversations.  Keep them coming. There are some questions
>>>> addressed to me and I will endeavour to respond to them at some point
>>>> today.
>>>>
>>>> Thank you all!
>>>>
>>>> *Ali Hussein*
>>>>
>>>> *Principal*
>>>>
>>>> *AHK & Associates*
>>>>
>>>>
>>>>
>>>> Tel: +254 713 601113
>>>>
>>>> Twitter: @AliHKassim
>>>>
>>>> Skype: abu-jomo
>>>>
>>>> LinkedIn: http://ke.linkedin.com/in/alihkassim
>>>> <http://ke.linkedin.com/in/alihkassim>
>>>>
>>>>
>>>> 13th Floor , Delta Towers, Oracle Wing,
>>>>
>>>> Chiromo Road, Westlands,
>>>>
>>>> Nairobi, Kenya.
>>>>
>>>> Any information of a personal nature expressed in this email are purely
>>>> mine and do not necessarily reflect the official positions of the
>>>> organizations that I work with.
>>>>
>>>> On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet <
>>>> kictanet at lists.kictanet.or.ke> wrote:
>>>>
>>>>>
>>>>>
>>>>> " The solution (innovation) is what we most clearly see and what gets
>>>>> us most excited. But our stakeholders don’t necessarily see what we see.
>>>>> More important, their goals are different. They don’t care about our
>>>>> solution but rather about a business model story that promises them a
>>>>> return on their investment within a set time frame." - Ash Maurya
>>>>>
>>>>> Traction, traction, traction...
>>>>> @Barrack, your Wakanda should to know the above by now.
>>>>>
>>>>>
>>>>> Be blessed.
>>>>> Regards/Wangari
>>>>> ---
>>>>> Pray God Bless. 2013Wangari circa - "Being of the Light, We are
>>>>> Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of
>>>>> God on Earth".
>>>>>
>>>>>
>>>>> On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet <
>>>>> kictanet at lists.kictanet.or.ke> wrote:
>>>>>
>>>>>
>>>>> Dear Carolyne,
>>>>>
>>>>> Many thanks for your insightful responses. Is there any capital flight
>>>>> or would you say the funds are wholly invested locally?
>>>>>
>>>>> Best Regards
>>>>>
>>>>> On 7/13/18, carolyne mimano <carolynemimano at gmail.com> wrote:
>>>>> > Hi Barrack,
>>>>> > Having worked first hand in tech startups and innovation i can tell
>>>>> you
>>>>> > that a lot of the investors are interested in international
>>>>> cofounders as
>>>>> > oppossed to local.Mainly because we do not invest in our own.A lot of
>>>>> > cofounders who get funding are those who leave silicon valley for
>>>>> > Nigeria,Kenya and south Africa.Unfortunately we still prefer to
>>>>> invest in
>>>>> > property -land etc as compared to research and innovation which is
>>>>> one of
>>>>> > the reasons why a huge chunk of tech is foreign led.
>>>>> > Research on tech and innovation should start with the younger
>>>>> > generation.Note people like Mark Zuckerberg had programming tutors in
>>>>> > middle school.
>>>>> > Nairobi Innovation week is just a meeting place for tech enthusiasts,
>>>>> > investors and startups looking for funding.A lot of work needs to
>>>>> happen
>>>>> > all year round behind the scenes.
>>>>> > And yes the government needs to invest more in research as well as
>>>>> we(the
>>>>> > community) investing more in growing the next generation of
>>>>> innovators.
>>>>> >
>>>>> > kind regards
>>>>> > Carolyne
>>>>> >
>>>>> > On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, <
>>>>> > kictanet at lists.kictanet.or.ke> wrote:
>>>>> >
>>>>> >> Hi Ali,
>>>>> >>
>>>>> >> 1. We have made many gains in the Fintech and E-Commerce space due
>>>>> to
>>>>> >> a conducive Policy environment. I am curious to understand why our
>>>>> >> market is attracting a lot of venture capital. Is it that we are
>>>>> >> innovative or do we offer cheap labor?, is there any capital flight
>>>>> >> associated with the Venture Capital that is being channeled into our
>>>>> >> market. I ask this considering the long debate about who invented
>>>>> and
>>>>> >> owned MPESA. It eventually turned out that after all it was not a
>>>>> >> Kenyan.
>>>>> >> 2. How much is the Kenyan Government through the parent Ministry of
>>>>> >> Information and Communications Technology pumping into the FINTECH
>>>>> and
>>>>> >> Innovation Space. Better still do we have any Research and
>>>>> Development
>>>>> >> fund to support the sector beyond the Nairobi Innovation Week. I
>>>>> >> appreciate the fact that we have a CS who is at the fore front of
>>>>> >> Innovation but are we matching the same with the kind of budget
>>>>> being
>>>>> >> allocated to the Standard Gauge Railway?
>>>>> >> 3. I would also like to find out from listers that might be in the
>>>>> >> know , how many Kenyans have access to mobile money and gaps if any
>>>>> >> that might exist. Is there any research that has been done that is
>>>>> >> showing the current status of the Fintech and e-commerce eco-system.
>>>>> >>
>>>>> >> asking for Wakanda
>>>>> >>
>>>>> >> On 7/12/18, Ali Hussein via kictanet <kictanet at lists.kictanet.or.ke
>>>>> >
>>>>> >> wrote:
>>>>> >> > Dear listers.
>>>>> >> >
>>>>> >> > Since the advent of Mpesa, Kenya has been recognized as Ground
>>>>> Zero for
>>>>> >> > Mobile Money/Payments Innovation the world over. According to a
>>>>> World
>>>>> >> Bank
>>>>> >> > report one in every ten human beings regularly using mobile money
>>>>> is a
>>>>> >> > a
>>>>> >> > Kenyan.
>>>>> >> >
>>>>> >> > Over the last few years Fintech (Financial Technology) has become
>>>>> all
>>>>> >> > the
>>>>> >> > rage. American startups are setting up in Kenya. The more common
>>>>> ones
>>>>> >> that
>>>>> >> > we know are Branch and Tala who combined have raised over $150m of
>>>>> >> venture
>>>>> >> > funds in the last few years. These two are mainly mobile lending
>>>>> >> platforms.
>>>>> >> > Insuretech is taking root. Payment Platforms are proliferating.
>>>>> Banks
>>>>> >> > are
>>>>> >> > jumping onto the Fintech Bandwagon with mainstream banks like
>>>>> Barclays
>>>>> >> and
>>>>> >> > HF Group launching their mobile lending apps. Equity Bank boldly
>>>>> >> announced a
>>>>> >> > few weeks ago that they are building an API Bank. Banking as a
>>>>> Service
>>>>> >> as it
>>>>> >> > were.
>>>>> >> >
>>>>> >> > Not to be left out, Blockchain and it’s offspring, Bitcoin is
>>>>> threading
>>>>> >> to
>>>>> >> > complete the upheavals in the financial sector. On top of it all
>>>>> the
>>>>> >> > government is playing catch up on regulation with the
>>>>> announcement of
>>>>> >> > the
>>>>> >> > Finance Bill 2018. See analysis from KPMG on this.
>>>>> >> >
>>>>> >> >
>>>>> >>
>>>>> https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis.html
>>>>> >> >
>>>>> >> > To ponder:-
>>>>> >> >
>>>>> >> > 1. Are we moving too fast? Is there a need to take a chill pill
>>>>> and
>>>>> >> reflect
>>>>> >> > on the gains and achievements of the sector?  Should we regulate
>>>>> >> > lightly
>>>>> >> or
>>>>> >> > heavily?
>>>>> >> >
>>>>> >> > 2. Should we regulate and cap the mobile lending platforms? Are
>>>>> they
>>>>> >> playing
>>>>> >> > a crucial role of financial inclusion or are they just loan
>>>>> sharks on
>>>>> >> > steroids?
>>>>> >> >
>>>>> >> > 3. How about the Credit Reference Bureaus? Are they stuck in a
>>>>> time
>>>>> >> > warp
>>>>> >> or
>>>>> >> > is the legislation in place encumbering them from innovation?
>>>>> >> >
>>>>> >> > 4.  Lastly is the BlockChain conversation being overhyped? And
>>>>> how do
>>>>> >> > you
>>>>> >> > separate the technology from the cryptocurrencies it spawns?
>>>>> >> >
>>>>> >> > Over to you Listers.
>>>>> >> >
>>>>> >> > Ali Hussein
>>>>> >> > Principal
>>>>> >> > AHK & Associates
>>>>> >> > +254 0713 601113
>>>>> >> >
>>>>> >> > Twitter: @AliHKassim
>>>>> >> > Skype: abu-jomo
>>>>> >> > LinkedIn: http://ke.linkedin.com/in/alihkassim
>>>>> >> >
>>>>> >> > "We are what we repeatedly do. Excellence, therefore, is not an
>>>>> act but
>>>>> >> > a
>>>>> >> > habit."  ~ Aristotle
>>>>> >> >
>>>>> >> >
>>>>> >> > Sent from my iPad
>>>>> >>
>>>>> >>
>>>>> >> --
>>>>> >> Barrack O. Otieno
>>>>> >> +254721325277
>>>>> >> +254733206359
>>>>> >> Skype: barrack.otieno
>>>>> >> PGP ID: 0x2611D86A
>>>>> >>
>>>>> >> _______________________________________________
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>>>>> >>
>>>>> >> The Kenya ICT Action Network (KICTANet) is a multi-stakeholder
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>>>>> >> for people and institutions interested and involved in ICT policy
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>>>>> >>
>>>>> >
>>>>>
>>>>>
>>>>> --
>>>>> Barrack O. Otieno
>>>>> +254721325277
>>>>> +254733206359
>>>>> Skype: barrack.otieno
>>>>> PGP ID: 0x2611D86A
>>>>>
>>>>> _______________________________________________
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>>>>> platform for people and institutions interested and involved in ICT policy
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>>>>> sector in support of the national aim of ICT enabled growth and development.
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>>>>> platform for people and institutions interested and involved in ICT policy
>>>>> and regulation. The network aims to act as a catalyst for reform in the ICT
>>>>> sector in support of the national aim of ICT enabled growth and development.
>>>>>
>>>>> KICTANetiquette : Adhere to the same standards of acceptable behaviors
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>>>>
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>>>> for people and institutions interested and involved in ICT policy and
>>>> regulation. The network aims to act as a catalyst for reform in the ICT
>>>> sector in support of the national aim of ICT enabled growth and development.
>>>>
>>>> KICTANetiquette : Adhere to the same standards of acceptable behaviors
>>>> online that you follow in real life: respect people's times and bandwidth,
>>>> share knowledge, don't flame or abuse or personalize, respect privacy, do
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>>>>
>>>>
>>>
>>>
>>> --
>>> Rosemary Koech-Kimwatu
>>> Advocate
>>> Legal and Regulatory Specialist- Oxygene MCL
>>> Tel: +254 718 181644
>>>
>>>
>>>
>>>
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>>> regulation. The network aims to act as a catalyst for reform in the ICT
>>> sector in support of the national aim of ICT enabled growth and development.
>>>
>>> KICTANetiquette : Adhere to the same standards of acceptable behaviors
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>> for people and institutions interested and involved in ICT policy and
>> regulation. The network aims to act as a catalyst for reform in the ICT
>> sector in support of the national aim of ICT enabled growth and development.
>>
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>
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> The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform
> for people and institutions interested and involved in ICT policy and
> regulation. The network aims to act as a catalyst for reform in the ICT
> sector in support of the national aim of ICT enabled growth and development.
>
> KICTANetiquette : Adhere to the same standards of acceptable behaviors
> online that you follow in real life: respect people's times and bandwidth,
> share knowledge, don't flame or abuse or personalize, respect privacy, do
> not spam, do not market your wares or qualifications.
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